Verisure Jumps in Debut for Europe’s Biggest IPO Since 2022
(Bloomberg) — Security services group Verisure Plc’s shares rallied in its trading debut, after the initial public offering raised about €3.2 billion ($3.72 billion) in the largest European debut in three years.
Shares in the firm rose as high as €15.65 per share in Stockholm on Wednesday morning, 18% above the offering price of €13.25 apiece. The IPO, which priced near the top of the range, valued Verisure at €13.7 billion, according to a statement.
Verisure marked the largest IPO in Sweden since 2000, cementing the Nordic country as the top European exchange for IPO fundraising so far this year.
“A strong opening shows that the Swedish IPO window is wide open,” said Joakim Bornold, chairman of savings platform Levler. “If Verisure shares continue to trade at these levels, more companies will press the start button for listing.”
To Verisure’s Chief Executive Officer Austin Lally, the listing is about longer-term performance rather than a first-day surge in share price.
“It’s not about today, it’s about how the company is trading throughout the rest of the year and then how the company is trading next year and the years beyond,” Lally told Bloomberg TV earlier on Wednesday morning, from the exchange. “This is a long-term growth story, we don’t focus on words like ‘pop.’”
That sentiment didn’t diminish the excitement at the bell-ringing ceremony at the Nasdaq Stockholm exchange, where red confetti fell from the ceiling when shares started trading. About 300 people filled the exchange floor, with many clad in Verisure’s signature bright red color. The opening bell ceremony was live streamed to the security company’s offices around the world.
The company gained more than 60,000 new shareholders. Many of them were retail investors, Lally said at the exchange. Felicia Schon, an investment economist at retail trading platform Avanza said, there was “massive interest among our clients,” as expected.
The company will use the €3.1 billion it raised to pay down debt and buy ADT Mexico. Management shareholders also raised about €55 million in the offering to cover taxes, and existing investors will sell more shares if an overallotment option is exercised. Lally said he isn’t selling any shares in the offering.
Founded in 1988 in Sweden, Verisure develops monitored security systems for households and small businesses in Europe and Latin America. The company’s products include video detectors and cameras, shock sensors and smart locks.
The IPO represents a return to public markets for the company previously known as Securitas Direct. The firm was taken private by EQT AB, then sold to Bain Capital and Hellman & Friedman LLC in 2011, before H&F took majority ownership in 2015.
–With assistance from Pablo Mayo Cerqueiro, Anton Wilen, Guy Johnson, Lizzy Burden and Anna Edwards.
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